Fetty Wap's Jewelry Shopping Spree ... Worth $350k

Fetty Wap could be rolling in a brand new Lambo right now, but instead he opted for a chain and a couple of watches ... for major cheese.

Fetty copped a 75 carat gold Cuban chain, a matching Cuban bracelet (just 25 carat gold though) and 2 Day-Date Rollies ... fully iced out. Total shopping spree price tag: $350,000!

The rapper made his purchases at Avianne & Co. Jewelers in NYC -- the same spot 2 Chainz swears by for new pieces.

Hopefully Fetty had some extra cash to pick up diapers. Diamond encrusted, of course.